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Internet Penetration in Nigeria Rises to 53%

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Nigeria Internet Users
  • Internet Penetration in Nigeria Rises to 53%

Internet penetration in Nigeria has increased to 53 per cent, which is the highest in Africa. Also, mobile subscription in the country has increased to 81 per cent, similar to Africa’s, according to a report.

Jumia Nigeria stated this in the 2017 edition of its African Mobile Trends Paper. This was the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study took a look at the how the market had democratised mobile internet use, the consumer behaviours driving increased smartphone adoption and the role of mobile brands, mobile operators and m-commerce in creating a synergy of an enhanced customer experience.

This year’s Mobile Africa Study was carried out in 15 African countries which generate more than 80 per cent of Africa’s GDP – Algeria, Nigeria, Morocco, Tunisia, Egypt, Mozambique, Ghana, Ivory Coast, Cameroun, Rwanda, Uganda, Tanzania, Kenya and Senegal.

It showed that there are 960 million mobile subscriptions across Africa – an 80 per cent penetration rate among the continent’s population. Internet penetration is at 18 per cent with 216 million internet users.

According to the report, about 71 per cent of website visitors on Jumia use their mobile phones. This was in comparison to 53 per cent of Jumia African customers. One of the main vehicles of this mobile trajectory was the increasing adoption of the smartphone device by consumers.

“As predicted in our 2016 report, smartphone adoption continues to rise in Nigeria. The mobile phone category continues to be the most popular among Nigerian shoppers on Jumia, both in terms of the number of items sold, and in terms of revenue generated. The sales of smartphones jumped up by 394% between 2014 and 2016, mostly driven by an increasing range of smartphones price points.

“The average price for a smartphone on Jumia is $117, down from $216 in 2014. Correlating with this is a drop in the share of sales of basic feature phones from 6% in 2015 to 4% in 2016, even as the share of smartphones on the website increased.

“In 2016 Chinese mobile brands held dominance and played a major role in introducing smartphones with lower price points. Infinix, Innjoo, Tecno, Samsung and Yezz are the top 5 smartphone brands in terms of sales on Jumia. Infinix continues to be Africa’s top smartphone brand across Jumia’s 15 markets. One of their entry level smartphones, the Infinix Hot4Lite was one of the best-selling phones across several African markets including Nigeria,” it added.

The report also states that increased access and affordability of low specification smartphones also revealed the need for the mobile ecosystem to respond with data-efficient browsers and mobile apps that are optimised for performance and an easy user experience.

“Looking at the mobile internet browsers customers use to access Jumia, 50 per cent of customers in Africa come onto Jumia’s mobile site with Google Chrome. In Nigeria that number is just 28 per cent. Instead, the Opera mini browser is much more popular, with 41 per cent of the mobile traffic to Jumia Nigeria coming from Opera mini.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Elon Musk Promises to Reward Best Carbon Technology $100 Million

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Elon Musk Promises to Reward Best Carbon Technology $100 Million

The Chief Executive Officer (CEO) of Tesla Inc. has announced that he will donate $100 million in reward for the best carbon capture technology.

The richest man in the world disclosed this in a tweet on Thursday.

“Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted. “Details next week.”

Elon R Musk gained +$375 million in the last 24 hours to take his total gain in net worth this year to $32 billion and $202 billion total net worth.

Musk, who worth just about $27 billion in January 2020, has risen through the rank to top the world’s richest billionaire index.

The $100 million would be Musk’s largest known donation to date and represents around 0.05 percent of his net worth.

In 2012, Musk signed “The Giving Pledge” to join the list of billionaires that promise to donate half of their fortune to charity in their lifetime or in their wills.

Musk worth just $2 billion when he signed the pledge.

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YouTube Suspends Trump Channel

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YouTube Suspends Trump Channel

Google-owned YouTube on Tuesday temporarily suspended President Donald Trump’s channel and removed a video for violating its policy against inciting violence, joining other social media platforms in banning his accounts after last week’s Capitol riot.

Trump’s access to the social media platforms he has used as a megaphone during his presidency has been largely cut off since a violent mob of his supporters stormed the Capitol in Washington DC last week.

Operators say the embittered leader could use his accounts to foment more unrest in the run-up to President-elect Joe Biden’s inauguration.

“In light of concerns about the ongoing potential for violence, we removed new content uploaded to Donald J. Trump’s channel for violating our policies,” YouTube said in a statement.

The channel is now “temporarily prevented from uploading new content for a ‘minimum’ of 7 days,” the statement read.

The video-sharing platform also said it will be “indefinitely disabling comments” on Trump’s channel because of safety concerns.

Facebook last week suspended Trump’s Facebook and Instagram accounts following the violent invasion of the US Capitol, which temporarily disrupted the certification of Biden’s election victory.

In announcing the suspension last week, Facebook chief Mark Zuckerberg said Trump used the platform to incite violent and was concerned he would continue to do so.

Twitter went a step further by deleting Trump’s account, depriving him of his favorite platform. It was already marking his tweets disputing the election outcome with warnings.

The company also deleted more than 70,000 accounts linked to the bizarre QAnon conspiracy theory, which claims, without any evidence, that Trump is waging a secret war against a global cabal of satanist liberals.

Trump also was hit with suspensions by services like Snapchat and Twitch.

The president’s YouTube account has amassed 2.77 million subscribers.

The home page of the Trump channel featured a month-old video of Trump casting doubt on the voting process in November’s presidential election, and had logged some 5.8 million views.

On Tuesday, an activist group called on YouTube to join other platforms in dumping Trump’s accounts, threatening an advertising boycott campaign.

(AFP)

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Analysts Predict 1,137% Earnings Per Share Growth for Shopify’s Full Year 2020

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Shopify

Analysts Predict 1,137% Earnings Per Share Growth for Shopify’s Full Year 2020

While the pandemic has devastated countless businesses, it has provided a major boon for eCommerce platform Shopify.

Shopify’s stock rallied by 169.9% in 2020 compared to the industry’s 26.6% growth. As of mid-December 2020, according to the research data analyzed and published by Finnish site Sijoitusrahastot, it had a 90 RS rating, which means that it had outperformed 90% of stocks during the year.

Based on the Zacks Consensus Estimate, its Q4 earnings per share (EPS) are set to jump by 188.37% to $1.24 while its sales will grow by 78% to $899.2 million. For the full year 2020, analysts project a massive 1,137% jump for the Shopify EPS.

Shopify Merchants Sell Over $5.1 Billion on Black Friday, Cyber Monday

Since Shopify went public in 2015, its stock has risen over 40-fold to more than $1,200 at the end of December 2020. Between 2016 and 2019, it skyrocketed by over 1,400%.

The eCommerce platform’s earnings for Q1 to Q3 2020 grew at an average of 552%. That was well above the 101% three-year average. In Q3 2020, its revenue nearly doubled from $390.6 million to $767.4 million.

Earnings in Q3 2020 rose from a net loss of 29 cents to $1.13 per share. Gross Merchandise Volume (GMV) soared by 109% reaching $30.9 billion, compared to 46% in Q1 2020 and 119% in Q2 2020. For the first nine months of 2020, there was a revenue increase of 82%.

For the first time, Shopify’s GMV surpassed that of eBay in Q2 2020, doing it again in Q3 2020. It claims to have a 6% share of the US market, higher than eBay’s but lower than Amazon’s 37%.

During the Black Friday Cyber Monday weekend, merchants on the Shopify platform sold goods worth $5.1 billion. Compared to 2019, this marked a 76% uptick and set a new record. Comparatively, independent businesses on Amazon sold goods worth $4.8 billion. The number of buyers on Shopify increased by 50% year-over-year (YoY) to 44 million during that weekend.

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